CBS.MarketWatch.com

The world?s largest fast-food retailer
MCD, +0.42%
said second-quarter net income rose to $518.1 million, or 37 cents a share, from $357.2 million, or 25 cents in the year-ago quarter. Results, which exclude a charge of $110 million, or 8 cents a share, matched Wall Street?s consensus forecast.

Revenue rose 7 percent to $3.41 billion from $3.18 billion.

McDonald's stock slipped 3/4 to 42 1/4.

McDonald's said U.S. sales increased due to higher sales at stores open more than a year and the addition of new restaurants in the 1999 first and second quarters.

The company said promotions such as Furby, Teenie Beanie Babies, Winnie the Pooh and Tarzan, and its launch of a line of bagel breakfast sandwiches in nearly half of the U.S. market, contributed to the sales increase.

"With McDonald?s it all comes down to sales," said Allan Hickok, an analyst at U.S. Bancorp Piper Jaffray. "They had some great promotions," he said.

"We successfully executed great promotions, including our Furby Happy Meal program, which set a record as our highest Happy Meal program ever, excluding Teenie Beanie Babies," Alan Feldman, President, McDonald's USA, said in a statement.

"Our breakfast bagel sandwiches, which were rolled out in more than 5,600 restaurants,... are driving incremental breakfast business," Feldman said.

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